How Financial Institutions are reaching the next Generation
Values, diversity and digital visibility as success factors for banks
The banking world is facing profound change. If you want to survive in the future, you need to understand the needs of the younger generation and serve them credibly. Values such as sustainability, social responsibility and digital transparency are increasingly coming into focus for Generation Z customers. At the same time, traditional target groups such as the "best agers" remain an important part of the customer base. The balancing act between progress and reliability requires a strategic rethink - both internally and in the company's external image.
Young people are questioning what a company stands for more than ever before. Banks that take a clear stance on issues such as the environment, diversity and ethical business practices have a good chance of winning over this generation. Pure product logic is no longer enough - transparent information on the handling of customer funds, comprehensible promises of effectiveness and emotionally charged services are required.
This transparency is created through innovative forms of communication: Digital channels, especially social media, are central platforms for exchange and visibility. But something also needs to change internally. Diverse teams bring in new perspectives and help to avoid blind spots when addressing customers. This not only strengthens product development, but also resilience in the event of a crisis. After all, mistakes - especially communicative ones - are spreading faster than ever today. Clear guidelines in crisis management and a sensitized workforce prevent damage to the company's image.
Sustainable customer strategies take all generations into account
Despite the focus on the young target group, existing customer segments must not be neglected. Older customers, often with high levels of capital, continue to expect personal support. Excessive automation and one-sided digitalization can act as a deterrent here. Digital services need to be combined with familiar contact points, for example through virtual consultations or simple technical aids such as contract readers. At the same time, older people should also be convinced of the benefits of digital services and introduced to them gently.
New ways of addressing customers are needed for younger target groups. Generation Z hardly follows the financial decisions of their parents anymore; they choose their bank according to their own values. Clear and credible positioning is therefore essential. Banks must actively listen, see themselves as a learning organization and openly communicate how they assume responsibility. This is the only way to build trust, maintain relevance and retain customers in the long term.
Curious?
Consileon supports banks in setting the course for a sustainable customer strategy. Whether Gen Z or Best Agers - we help you to better understand your target groups, realign internal processes and establish innovative communication channels.